Lp,s are doomed!
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Meaning?
Read my first post here in 2014.
I’ve only been repeating myself.
LPs are doomed.
Lower taxes = less black market?
That will work for rookies, but they don,t cop much!
Black Market is there for LPs can’t supply what folks are after.
It’s called capitalism.
Cannot supply the goods with a licence to sell?
Selling under cost.
Contant share holder dilution.
CEO still running large with share holders money.
Me?
Time to close shop.
Where is your Linton 20$ a gram standing at today?
Folks want top shelf for dirt cheap.
But wait! They come right back for more.
LPs are Doomed. Plain and simple.
This is not Russia.
It will be cheaper on friday
Sales are down… rent is going up…
Home / News by State / California
Q1 cannabis sales in California fall to $1.25M, lowest level since pandemic
author profile pictureBy Chris Casacchia, Staff Writer
May 26, 2023
First-quarter cannabis sales in California slid to $1,249,584,223, the lowest quarterly total since the onset of the COVID-19 pandemic, according to the latest statistics from the state’s Department of Tax and Fee Administration.
Sales were down 5.9% from the same quarter a year ago and the lowest since the second quarter of 2020, when sales were $1,153,285,028.
The first-quarter statistics put California’s marijuana operators on track to generate just less than $5 billion in sales this year, or 7.1% less than 2022, when taxable sales of recreational and medical marijuana eclipsed $5.3 billion.
If projections hold true, cannabis sales would fall for the second consecutive year in the world’s largest regulated market.
It’s the first time that has happened since regulations for adult-use retail sales were established in 2018.
Sales last year decreased 8.6% from roughly $5.8 billion in 2021, according to state data.
Beyond high taxes, competition from the illicit market and wide swaths of the state still lacking retail access, a credit crises has engulfed the California industry for the better part of a year.
That has prompted marijuana distributors and brands in the state to hire a credit association to rate retailers in hopes of reducing hundreds of thousands of dollars in unpaid invoices – and reining in repeat offenders.
In a related initiative, a group of California cannabis companies formed a coalition to raise awareness and provide solutions to mitigate the credit crisis threatening to upend the local marijuana industry.
Dozens of cannabis brands, wholesalers and producers last week launched Financial Stability for California Cannabis to confront complex debt problems affecting the entire supply chain.
And pay the millions on tax they own, but can,t… ??
The more you wait… the lower shares get…
Stock market weed is a bust!
Don’t feel bad.
Met a lady in a plane…
She bought 100K worth of Trump Bucks.
Bonno
MAY 26, 2023
Basic cannabis economics. Wherever you find reefer madness, a poor grasp of basic cannabis economics is right behind it.
For example, public health busybodies demand THC limits. As if adults choosing high-THC strains of cannabis will simply shift their demand to lower-THC strains once public health tells them what their preferences should be.
Most, if not all, government workers lack an understanding of basic economics and, therefore, basic cannabis economics.
So let’s clear up some misconceptions. First, let’s start with a definition from economist Thomas Sowell.
“The first lesson of economics is scarcity: There is never enough of anything to satisfy all those who want it. The first lesson of politics is to disregard the first lesson of economics.”
POLITICIANS WHO DON’T UNDERSTAND BASIC CANNABIS ECONOMICS
Basic Cannabis Economics
Canadian Prime Minister Justin Trudeau legalized cannabis in 2018, three years after pledging to do so.
From the beginning, we covered what Justin Trudeau meant by legalization (i.e. Corporatization) and what he should do instead (remove cannabis from the criminal code and rely on our common law/customary traditions for regulation).
But Justin Trudeau does not understand basic economics, including basic cannabis economics.
The trust-fund prime minister believes federal budgets balance themselves. That economies grow “from the heart outwards,” which must be doublespeak for running up the credit card.
The former drama teacher also thinks inflation isn’t a concern for “families,” which he claims to care about.
Justin Trudeau is a textbook example of a politician that places “compassion” and what sounds good over what works. He is the type of politician that ignores scarcity.
BUT THE PROBLEM ISN’T ONLY IN CANADA.
Basic Cannabis Economics
Connecticut, for example, is trying to enforce THC limits unsuccessfully. Retailers can’t sell flower higher than 30% THC; concentrates are capped at 60%.
But convenience stores, gas stations, and CBD-only stores can get around these limits by focusing on delta-8 THC.
Obviously, a politician with an understanding of basic cannabis economics would declare THC limits a failure. They would find another way to persuade people to consume lower-THC cannabis. Maybe by trying a method based on consent rather than coercion.
But Democratic Representative Mike D’Agostino thinks the problem is that the rules aren’t strict enough. As he told the House,
All we’re trying to do is make sure that any products that are sold with a significant amount of THC in Connecticut are sold in our regulated marketplace through the dispensaries, where there’s labeling requirements, there’s per package requirements, there’s per container requirements.
And all Fidel Castro was trying to do was create a “new socialist man” who would set aside all personal interests, goals, and desires to devote his life to building a communist society.
It may look like a stretch to compare THC limits to systemically dismantling the market economy for a utopian ideal, but the principles are the same.
Politicians who don’t understand basic cannabis economics will destroy the cannabis industry before it can thrive.
Look at Canada’s cannabis sector. Even large producers struggle to keep up with the government’s criminal excise tax structure.
Politicians who don’t understand basic cannabis economics are the biggest threat to cannabis legalization. The world can now look at Canada and conclude, “I guess cannabis legalization doesn’t work.”
BASIC CANNABIS ECONOMICS IN THE EDIBLE MARKET
Economics studies cause and effect, showing what happens when you do specific things in specific ways. With basic cannabis economics, we should look at the incentives certain decisions create rather than the stated goals.
In other words, consequences matter more than intentions.
Canada’s public health busybodies say because children are attracted to cannabis edibles, THC limits and other restrictions are justified.
It’s easy to declare good intentions and blame others for the problems. But, by understanding basic cannabis economics, you can see how Health Canada‘s strict edible rules have led to counterproductive, even disastrous, consequences.
The Canadian government hasn’t changed consumer demand. People still want potent edibles. The consequences have been
a) continued revenue streams for “illicit” edible makers and;
b) legal producers are focusing on potent cannabis extracts.
Health Canada sees the consequences of their actions but refuses to take responsibility because they don’t understand basic cannabis economics.
They released a statement decrying “copycat” cannabis edibles, especially since they appeal to children. (Ignoring that refined sugar is generally terrible for children or that teens are experimenting with “safe supply” opioids in B.C. An issue much more severe than illegal cannabis edibles).
And instead of acknowledging that THC limits are counterproductive, they go after potent extracts they consider “edibles.”
Health Canada may argue that child-resistant packaging and THC limits are necessary “for the children.” But, at the same time, they complain that legalization and “privately-owned for-profit” dispensaries have resulted in higher hospitalizations and E.R. visits by children who have accidentally consumed cannabis edibles.
So which is it?
Basic Cannabis Economics
Many people think economics involves money, finance, and banking. And it does. But at its core, economics, including basic cannabis economics, is about the logic of action.
Consider a clean-up crew arriving after a cannabis festival. Maybe the garbage cans are piled high. Cannabis roaches and lost paraphernalia litter the ground. The clean-up crew is confronted with an economic problem.
Where to start? They must allocate their scarce resources (cleaning supplies and equipment), which have alternative uses. Do they start with the bathrooms or by emptying the garbage cans?
Perhaps a discarded joint starts a small bushfire. The clean-up crew would be wise to begin there.
Human life consists of allocating time and resources efficiently. This is an inescapable fact of reality.
In this example, no money has changed hands, and there’s no market in the traditional sense. But the choices made by the clean-up crew are necessarily economic.
THERE ARE NO SOLUTIONS. THERE ARE ONLY TRADE-OFFS.
Yes, public health can limit THC and demand child-resistant plain packaging. But the trade-off incentivizes others to produce high-THC edibles in packaging that are pleasant to the eye.
Why must ‘copycat’ cannabis edible appeal to children? Are adults not allowed to enjoy the marketing of their favourite chips, candy, and chocolate brands?
Making choices is at the heart of economics. Understanding basic cannabis economics means understanding that you can’t change people’s preferences by affecting supply.
All you do is frustrate consumers and incentive black markets. It’s not like public health is trying to keep the public from consuming tide pods or inhaling aerosols.
In fact, if they took the heavy-handed approach to those issues as they did with cannabis, they would lobby for the prohibition of those goods.
Which would create a black market (or at least incentivize alternatives, like the popularity of synthetic cannabis in places with strict cannabis prohibition).
PUBLIC HEALTH IS A JOKE
Public health busybodies wonder why some people don’t listen to them.
Imagine going to the doctor, and he gives you financial advice. It may be sound financial advice, but it’s not their place to provide it. Not in that setting.
Likewise, I expect medical professionals to take a cautious, conservative approach to high-THC cannabis edibles. They have every reason as “public health” to provide prudent insights and opinions.
But enforcing these opinions through government laws is one step too far. It ignores basic cannabis economics and reduces individual adults to an infantile state.
It also doesn’t work.
FOOTNOTE(S)
https://www.cga.ct.gov/2022/sup/chap_420h.htm
https://apnews.com/article/connecticut-cannabis-thc-restrictions-synthetic-ban-3e652d1580a3e38123d16bbde819f9f7
John has a Crystal Ball.
Lucky guy!
Tilray Sinks 22% In Pre-Market Trading After Lending Shares To Shorts For Note Offering
Bonno
May 26, 2023
Doomed!
Tilray Brands (NASDAQ: TLRY) is currently down nearly 23% in pre-market trading follow the after-hours announcement that it would be raising funds via unsecured convertible notes.
The offering, which will see gross proceeds of $150 million, plus a $22.5 million over-allotment option, consists of 5.20% convertible senior notes, which are due June 15, 2027. The notes are payable semi-annually in arrears, with the conversion price equivalent to $2.66 per share, a 12.5% premium to the firms most recent closing price.
Net proceeds from the offering are slated to amount to $144.8 million, or as much as $166.6 million if the over-allotment option is fully exercised.
A portion of the proceeds are slated to be used to repurchase some of the firms 5.00% convertible senior notes dude 2023, and some of its 5.25% convertible senior notes due 2024. Tilray has indicated it will repurchase $12.5 in principal amount of 2023 notes for $12.6 million in cash, and $122.5 million in principal amount of 2024 notes for $125.7 million in cash.
Home / Cultivation
Fewer research analysts covering cannabis underscores industry woes
author profile pictureBy Kate Robertson, Writer
May 24, 2023
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Image of a financial chart with uptrend line candlestick graph in stock market
Cannabis industry earnings calls have been a little quieter this year.
Fewer research analysts are covering the U.S. marijuana industry, which experts say reflects the challenging economic headwinds facing the industry, including high taxes, high interest rates, rock-bottom stock prices and the slow pace of federal MJ reform.
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New York-based Cantor Fitzgerald and Cowen are among the more notable financial-services firms that have dropped coverage of U.S. plant-touching cannabis companies.
“It speaks to the unhealthy state of our industry,” Jesse Redmond, the managing director of the cannabis sector and head of research at Florida-based Water Tower Research, told MJBizDaily.
U.S. cannabis stocks have taken a beating in the past 18 months.
The AdvisorShares Pure US Cannabis ETF – which tracks major U.S. marijuana stocks under the symbol MSOS – has fallen to just over $5 from a high of more than $56 in February 2021.
In addition, cannabis companies are increasingly turning to debt financing rather than equity raises, which means there’s a smaller audience for research.
Low share prices and fewer mergers and acquisitions, initial public offerings and other types of banking activities mean there’s less revenue to fund research, Redmond said.
“Without that activity, there aren’t the revenues to justify paying the person to write the research,” he said.
The recent shake-up includes:
New York-based Cantor Fitzgerald, which has stopped covering all U.S. marijuana companies except for WM Technology, which operates the Weedmaps platform, after the departure of analyst Pablo Zuanic.
New York-based Cowen, which was recently acquired by Canada-based TD Bank, is no longer covering U.S. cannabis companies. But analyst Vivien Azer will include the industry’s larger trends as part of her beverages, tobacco and cannabis portfolio.
Jon DeCourcey, a former analyst covering the cannabis industry, is no longer with financial services firm BTIG, which specializes in investment banking, institutional trading and research. He is now head of investor relations at Florida-based multistate cannabis operator Ayr Wellness, according to DeCourcey’s LinkedIn profile.
Neither Cantor Fitzgerald, Cowen nor BTIG responded to requests from MJBizDaily for comment.
Many other financial-services firms are still providing coverage of U.S. plant-touching companies, such as Florida-based Water Tower Research, New York-based capital markets company Viridian Capital Advisors, Toronto-based Echelon Wealth Partners and Vancouver, British Columbia-based Canaccord Genuity.
Analysts have been ‘a little too optimistic’
When Cowen became the first big financial-services firm to initiate coverage in 2019, investors said it lent legitimacy to the burgeoning industry.
Back in 2019, both operators and service providers were optimistic that federal legalization and/or the SAFE Banking Act would be passed in Congress.
Industry officials also were increasingly hopeful that big institutional investors would take an active interest in the U.S. cannabis industry – a move that could have provided key funding to companies.
But none of that has happened.
Instead, retail investors still make up the bulk of investment in U.S. cannabis, Water Tower’s Redmond said.
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And retail investors can often access research only if they pay for it or are clients of the financial-services firm producing it.
That optimism might have also bled into analyst research.
“We’ve all been a little bit too optimistic,” Redmond said.
Between price targets and predicting the passage of SAFE Banking, many analysts through the second half of 2022 underestimated the impact of factors such as high interest rates, falling wholesale cannabis prices and high taxes.
“I think that even the ones that were doing the research and getting it out, maybe it wasn’t that helpful for people,” Redmond said.
Cannabis ‘not ready for prime time’
But the industry has other issues in addition to overly optimistic forecasting from analysts and slow movement on federal cannabis reform, Matt Karnes, founder of New York-based cannabis financial consultancy Greenwave Advisors and a former sell-side and buy-side analyst, told MJBizDaily.
Plenty of cannabis companies are still finding their footing, he said, pivoting out of oversaturated legal markets and looking for promising paths to profitability.
Another sign of the industry’s immaturity?
A disproportionate number of cannabis companies have restated their financial results, he said, showing that the industry is still mastering the accounting intricacies of the sector.
“You make your investment based on what comes out on a quarterly report,” Karnes said.
“And then two quarters later – oops! How is that supposed to give any investor confidence?”
With fewer analysts covering cannabis, Karnes said, it could contribute on a small level to the enormous difficulties U.S. plant-touching companies are having attracting investment in the industry.
Home / Finance
Lowell Farms sells cannabis processing plant for $19 million in leaseback deal
By MJBizDaily Staff
May 25, 2023 - Updated May 26, 2023
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Vertically integrated California cannabis operator Lowell Farms sold its Monterey County processing plant for $19.4 million to New Wilston Associates and entered a leaseback agreement with the company.
Under terms of the deal, Lowell signed a 10-year lease on the 10-acre site, which includes a 40,000-square-foot facility where it cultivates and processes marijuana for its own brands and third-party partners, according to a news release.
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Lowell acquired the operation in 2021 for $19.2 million.
As part of the deal, Connecticut-headquartered New Wilston will assume the outstanding principal on the mortgage, accrued unpaid interest and other liabilities totaling $10.3 million.
Lowell said in the release that it expects to gain about $3.5 million after closing and other transaction-related costs.
“The sale leaseback is just one part of our ongoing restructuring efforts to implement cost cutting measures and drive efficiencies in order to best position the company to drive value for our shareholders,” Lowell’s board chair, Ann Lawrence, said in a statement.
The sale comes on the heels of a challenging first quarter for Lowell, which posted a 39% drop in year-over-year sales to $7.5 million and an operating loss of $2.3 million – compared with a $2.5 million loss a year ago.
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Lowell is a founding member of a new coalition of California cannabis companies aiming to raise awareness and provide solutions to mitigate a credit crisis threatening to upend the local marijuana industry.
Financial Stability for California Cannabis, which launched last week, is comprised of dozens of cannabis brands, wholesalers and producers aiming to confront complex debt problems facing the world’s largest regulated marijuana market.
Their cannabis is better than the legal market, cheaper and largely competes totally outside federal and provincial legal frameworks.
Your legal business can't compete with this. And there is nothing the gov't/police can do about it. Don't trust me. Go and see for yourself.
Yet another gov't report has been published on the cannabis industry that completely overlooks the FACT that First Nations were excluded from cannabis legalization.
That exclusion has massive implications for competition in the industry.
Do not miss the opportunity to load up on this killer weed.
Oregon marijuana retail chain Chalice Farms seeks receivership
Bonno
May 26, 2023
Suckers searching for a bottom… lol… you will find the bottom when they pop.
LPs are selling under cost, in both Canada and the USA.
So… be patient please.
Canadian holding company Chalice Brands, doing business as Chalice Farms, filed court documents asking to place five of its Oregon subsidiaries under receivership.
The subsidiaries, which are part of Oregon’s third-largest retail chain, are unable to pay roughly $35 million in debts, Willamette Week reported.
Chalice filed documents with Multnomah County Circuit Court on May 23.
According to the filing, “This situation has led to an urgent liquidity crisis for the defendants.
“They are unable to pay key suppliers and have recently failed to make payments to creditors, including lenders, landlords, suppliers, and others.”
Toronto-based Chalice wants to restructure its vertically integrated business and find buyers for its assets.
In the meantime, the holding company has also asked a Canadian court for a stay that protects it from legal proceedings initiated by its creditors
Chalice trades as CHALF on the U.S. over-the-counter markets.
The company’s listing on the Canadian Securities Exchange, CHAL, was suspended about a year ago because, according to Willamette Week, “it hasn’t filed its 2021 and 2022 financial reports.”
You will become a millionnaire!!!
LPs need your money!
Be generous please!! ??
Aleafia Health Begins Strategic Review Process As Debt Comes Due
May 25, 2023 9:08 AM Jay Lutz
Lenders within the Canadian cannabis market appear to be nearing their wits end as they move to collect on well-past due debts. Aleafia Health (TSX: AH) appears to be the latest source of lender frustration, with the company having until May 31 to come up with the cash to settle a credit facility taken out at the end of 2021.
The lender in question for Aleafia is referred to as NE SPC II LP, whom originally agreed to lend the company $12.0 million under a term facility, with an additional revolver of up to $7.0 million. Between the two facilities, the company as of December 31, 2022, collectively owes $8.1 million.
The loan reportedly is payable on demand, however the lender has been gracious enough to provide the company an amendment to the debt, that will see it refrain from calling in the loan until the earlier of an event of default, or May 31, 2023. Aleafia is said to currently be in breach of certain covenants related to the debt.
The company had just $434,000 in cash on hand as of December 31.
As a result of the oncoming need to pay off the debt, Aleafia appears to have tossed in the towel after years of struggling, with a strategic review process having now begun to evaluate potential strategic alternatives for the company. Proposed options are said to include refinancing of the debt, a sale of all or a portion of the firms assets, a business combination, issuance of equity, a strategic investment, or “other strategic transaction structure.”
Aleafia Health last traded at $0.045 on the TSX.
RE-DOOMED!!!
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ROSENBERG’S CANNABIS ACT REVIEW
CALEB MCMILLAN·MAY 24, 2023
Morris Rosenberg’s Cannabis Act review will likely fail.
Canada’s Cannabis Act is undergoing an “Expert Panel” review per the legislation. The idea was that after three years, the government would return to the cannabis legalization file and grade it.
Of course, it’s been over four years. And cannabis producers need immediate relief. Not another bureaucratic task force to create busy work.
Morris Rosenberg, a lawyer and long-time career bureaucrat, heads the Cannabis Act Review. Many in Canada’s cannabis business community have expressed their support for Rosenberg.
But the former President and CEO of the Pierre Elliott Trudeau Foundation is another establishment stooge. Look no further than foreign interference in the 2021 Canadian election.
The Rosenberg Report was full of lies. No cannabis connoisseur in Canada should trust that the legislative review of the Cannabis Act will be any better.
CHINESE COMMUNIST INTERFERENCE IN CANADIAN ELECTIONS
Rosenberg's Cannabis Act Review
For those unfamiliar, Canada is undergoing a Chinese electoral interference scandal. Similar to what happened with Donald Trump and the Russians. Except this time, based on facts.
But where the Trump administration assigned a former FBI director to lead a special investigation (with subpoena powers), the Trudeau government assigned former Governor General David Johnston to the task—a friend and associate of the Trudeau family.
To nobody’s surprise, Johnston, the “Special Rapporteur,” said there was no need for a public inquiry (with subpoena powers). Instead, he himself will conduct a few quick public hearings and have the entire thing wrapped up by October.
Overall, his report found that there may have been some foreign interference in the Canadian election. But Justin Trudeau didn’t really know about it. And the intelligence agency whistle-blowers and the investigative journalists who broke the story were wrong.
The report doesn’t provide details on how or why they were wrong.
What does this have to do with Rosenberg’s Cannabis Act Review, you may be asking? This is the 2nd report on foreign interference in recent Canadian elections. Our man Morris Rosenberg wrote the first one.
And if he approaches cannabis as he did in his report on foreign interference, then cannabis in Canada is in big trouble.
WILL ROSENBERG’S CANNABIS ACT REVIEW LOOK LIKE THE ROSENBERG REPORT?
Rosenberg's Cannabis Act Review
Our “lead panel expert,” Morris Rosenberg, wrote a report discussing foreign interference in the 2021 Canadian election.
He claims he spoke with all political parties. He didn’t. Despite Conservative Party candidates feeling the brunt of the Chinese campaign to elect Liberals, Rosenberg thought talking to even a single Conservative was unnecessary.
But he claims he did in the report.
As former Conservative leader Erin O’Toole wrote on his Substack:
None of the central actors from the 2021 Conservative campaign were interviewed for the Rosenberg Report. And the report was defensively released by the government in the immediate aftermath of damning news reports [of Chinese electoral interference].
O’Toole references Rosenberg’s cozy relationship with the Trudeau Foundation. It’s clear that the Rosenberg Report is not a credible document and Rosenberg himself is not some “nonpartisan” civil servant.
He, along with everyone associated with Trudeau’s criminal government, embodies the idea that if you’re going to reject laissez-faire on the basis that “we can’t trust people,” then by every same measurement, you must reject the state actors like Morris Rosenberg.
ROSENBERG’S CANNABIS ACT REVIEW
Rosenberg's Cannabis Act Review
The FBI witch-hunt on Donald Trump was relentless. Imagine if his relationship with Russia was like Justin Trudeau’s relationship with China.
Imagine Trump appointing the head of the Russian-American Business Council to a senior government position. And then firing all of Obama’s hires and replacing them with Russian-friendly bureaucrats?
Imagine if the Trump administration retooled American foreign policy to focus on integrating the American and Russian economies, including removing any barriers on Russian corporations to give them equal status with American companies.
Imagine if Donald Trump opened immigration and visa offices in Russian cities. And speaking of Russian cities, Donald Trump becomes an American folk hero. Publishers translate Trump’s autobiography into Russian, and he’s a national celebrity.
That’s the reality of Justin Trudeau and China.
There have been two investigations into China’s interference in Canada’s election. Both came up short. “Nothing to see here,” they said. “Move along.”
One of these reports written by the man now tasked with the Cannabis Act review.
Suppose Rosenberg’s Cannabis Act Review is like his report on the 2021 election. If that’s the case, we can make some predictions.
ROSENBERG’S CANNABIS ACT REVIEW PREDICTIONS
Rosenberg's Cannabis Act Review
Clearly, cannabis legalization in Canada was about “public health and safety.” And this was confirmed by the Supreme Court in a recent ruling on Quebec‘s home cultivation ban.
The judge said:
It is true that, in everyday language and even in the speeches of some parliamentarians, the creation of exceptions or exemptions under a scheme of criminal offences is often described as a ‘legalization effort,’… However, this way of speaking is incorrect and falsely suggests that positive rights authorizing particular conduct have been granted to the public.
Cannabis legalization was an act of the legislature. And they can take it away as quickly as they grant it.
Morris Rosenberg’s Cannabis Act Review is likely to cater to public health demands. Introducing THC limits, banning or restricting the edible market even further. Perhaps Rosenberg’s Cannabis Act Review will suggest higher excise taxes.
While Rosenberg’s Cannabis Act review may cater to the business community and the economics of cannabis legalization, Canada’s cannabis connoisseurs have no reason to expect this.
Whether it’s electoral interference or using marshal law to disperse a peaceful protest – Justin Trudeau’s government does whatever the hell it wants.
Trudeau’s government is lawless. Forget the Cannabis Act review. Canadians are morally justified in disobeying cannabis laws.
FOOTNOTE(S)
https://erinotoole.substack.com/p/i-met-with-david-johnston-for-his
https://nationalpost.com/opinion/trudeaus-relationship-with-china-far-uglier-than-any-links-trump-had-with-russia
https://www.canada.ca/en/health-canada/services/drugs-medication/cannabis/laws-regulations/cannabis-act-legislative-review/expert-panel.html
https://publications.gc.ca/site/eng/9.920155/publication.html
https://www.cambridge.org/core/journals/social-philosophy-and-policy/article/abs/is-there-a-moral-duty-to-obey-the-law/3352565E837E0DA157CB2225FAFFDEA6
Home / Cultivation
Unpaid cannabis tax in Canada balloons to almost CA$200 million
B
May 25, 2023
Image of Canadian excise stamps
An excise stamp needs to be affixed to all legal cannabis products sold in Canada.
The amount of unpaid federal excise tax owed by Canada’s cash-strapped licensed cannabis producers more than tripled in the latest fiscal year from a year earlier as companies complain they’re getting buried by government fees and levies.
Federally licensed cannabis producers owed the Canada Revenue Agency 192.7 million Canadian dollars ($145 million) as of March 31, 2023, a more than threefold increase over the 2021-22 fiscal year’s CA$52.4 million.
Levy debt has been on a steep upward curve since Canada legalized cannabis in 2018.
Canada’s excise duty imposed on producers’ dried cannabis is either CA$1 per gram or 10% of the value of the gram, whichever is greater.
As of the end of March, the levy debt stood at:
CA$147,425 in 2019.
CA$4.4 million in 2020.
CA$16 million in 2021.
“This massive and accelerated growth of total excise owing as well as total number of (licensed producers) in arrears is indicative of a sector-wide inability to survive under current excise tax policy,” Dan Sutton, CEO of British Columbia-based cannabis producer Tantalus Labs, told MJBizDaily in a phone interview.
Sutton has led a drive in recent years to try to convince the federal government to amend the tax.
Different excise rules apply to various cannabis derivatives and other products such as edibles.
The data obtained by B shows that federal tax debt is piling up at an increasing number of licensed cannabis producers.
In March 2020, only 68 regulated cannabis businesses owed an excise debt to the federal government.
One year later, that had shot up to 141 companies with excise debt.
As of March 2023, that figure had skyrocketed to 213 companies, or approximately 70% of the 305 licensees, required to pay excise duty.
Taxman upping pressure
As cannabis excise debt soars across Canada, the Canada Revenue Agency has been increasing the pressure on producers with outstanding payments.
One letter the agency sent to a licensed producer used the subject line: “Legal warning about your cannabis duty debt.”
The revenue service warned the business: “If you do not pay the full amount or respond to this letter within 14 days, we may enforce Cannabis Duty provisions of the Excise Act, 2001 without further notice.”
MJBizDaily asked the Canada Revenue Agency (CRA) how many legal warning letters had been sent to cannabis businesses regarding their outstanding levy debt.
“The CRA does not release information that could jeopardize the integrity of the tax system,” a spokesperson responded via email, adding:
“The Canada Revenue Agency is firmly committed to responsible enforcement in order to preserve the integrity of Canada’s tax system.
“The CRA’s collection policy is to resolve issues in a mutually satisfactory way.
“The CRA encourages taxpayers to contact us and to work with us to develop suitable payment arrangements based on their ability to pay.”
How did this happen?
Tantalus Labs’ Sutton argues Canada’s tax policy for cannabis was built around an “egregious miscalculation” of long-term wholesale price.
The excise formula was created by policymakers who expected wholesale prices for flower – the most popular consumer segment – to be at least CA$10 per gram.
Instead, actual prices are less than CA$1 in some cases, leaving almost no margin for licensed producers.
“The original estimation of CA$10 per gram wholesale price has never been close to reality, and LPs are buckling under the weight of a tax burden that often extracts 30% of top-line revenue,” Sutton said.
“Government has acknowledged the need for ‘recalibration’ as early as 18 months ago, but continued inaction has pushed the entire industry, especially small business, to a critical breaking point.”
Current wholesale prices are closer to CA$2.75 per gram or less, depending on the product, with some flower coming in under CA$1 per gram.
The lower price means that cannabis producers are paying an unexpectedly high excise tax – one that was based on a wholesale price nearly four times the current level of wholesale prices.
In 2022 alone, cannabis wholesale prices crashed by more than 40% as struggling cultivators chose to sell off their unsold marijuana instead of destroying it.
The average price per gram for bulk wholesale flower in 2022 was CA$1.06 a gram on the Canadian Cannabis Exchange (CCX), a live trading platform for B2B wholesale marijuana, a steep decline from an average price of CA$1.80 a gram in 2021.
Consumer prices have been in freefall since 2019, the first full year of legalization, as the Canadian market was flooded because of cannabis overproduction.
Windfall for government
Private-sector profits are few and far between, but governments of various levels have made a windfall from cannabis sales.
The total excise duty assessed by the CRA on cannabis producers swelled to CA$752.5 million in 2021-22, up by almost half from the 2020-21 fiscal year, when the federal government pulled in CA$514 million.
Canadian provincial and federal governments collected more than CA$1.5 billion in cannabis-related profit and tax revenue in fiscal 2021-22.
Over the same 12-month period, retail cannabis sales in Canada amounted to CA$4 billion.
That means, before any profit was made in the private sector, 38% of all cannabis-related revenue went to the federal or provincial governments.
The federal tax, three-quarters of which is shared with provinces and territories, isn’t the only way the government collects taxes and fees from cannabis businesses.
In the 2021-22 fiscal year, which went from April 2021 to March 2022, government-owned provincial cannabis authorities’ profits totaled CA$332.3 million, according to Statistics Canada figures.
That figure wasn’t available for 2022-23.
Other tax revenue from Canadian cannabis sales in 2021-22 were:
Harmonized sales tax: CA$236.1 million.
Goods and services tax: CA$110.7 million.
Provincial/territorial sales tax: CA$110.8 million.
Other provincial/territorial revenue: CA$9.8 million.
Still, Canadian governments at all levels are missing out on millions of dollars in unpaid taxes and fees when cannabis producers ultimately fail.
When Phoena Holdings, formerly known as CannTrust Group, filed for creditor protection in April, its fourth-largest unpaid creditor was the federal tax collection agency and was owed approximately CA$870,000.
Health Canada, the federal cannabis regulator, was owed almost CA$100,000.
The Town of Pelham, Ontario, where a cultivation facility was located, was owed CA$23,031.
Please wake up and re-read Bonno’s May 16 Crappy Growth post.
DD is mui important.
Monday, May 16, 2023 9:50:21 AM
Post# of 127462 Go
Next Stock market weed reports will be a dusy.
If and when of course…
The idea here is to gain time on canna naive investors.
Burning 5 billions selling cannabis… is quite a feat.
Home / Canada
Cannabis producer Canopy Growth to refile financial statements
B
May 16 - 2023
Canadian cannabis producer Canopy Growth Corp. plans to refile some of its financial statements for the fiscal year ended March 31, 2022.
The Smiths Falls, Ontario, company is making the move after identifying “material misstatements” related to sales of its BioSteel business unit that were incorrectly accounted for.
Canopy is among a number of cannabis companies that have restated financial results in recent years.
Canopy said it is “is unable to quantify the impact” ( read: Crappy Growth don’t know what they are doing) of the pending corrections because the review is ongoing, according to the company’s recent disclosure with the U.S. Securities and Exchange Commission.
The company said it initiated the internal review, under the oversight of the Audit Committee, after identifying “certain trends” in the booking of BioSteel sales while preparing its financial statements for the fiscal year ended March 31, 2023.
Canopy booked 44.6 million Canadian dollars ($33 million) in BioSteel sales in the 2022 financial year, representing 8.6% of Canopy’s net sales that year.
BioSteel is a sports nutrition and hydration brand.
Canopy said the following reports should no longer be relied upon because of the material misstatements:
Audited financial statements for the fiscal year ended March 31, 2022.
Unaudited financial statements for the quarterly period ended June 30, 2022.
Unaudited financial statements for the quarterly period ended Sept. 30, 2022.
Unaudited financial statements for the quarterly period ended Dec. 31, 2022.
“The company has determined that it is appropriate to correct the misstatements by restating the Prior Financial Statements and plans to file the Restated Financial Statements as soon as practicable,” according to the SEC disclosure.
Canopy said it is still working on the review and cannot predict when the assessment will be completed. (WOW!)
The company also said it does not expect to file its annual report for the fiscal year ended March 31, 2023, until the restated financial statements are completed.
Looking good ??.
Not ready for primetime…
Bonno
May 24, 2023
Cannabis industry earnings calls have been a little quieter this year.
Fewer research analysts are covering the U.S. marijuana industry, which experts say reflects the challenging economic headwinds facing the industry, including poor quality products, too many recalls, high taxes, high interest rates, rock-bottom stock prices and the slow pace of federal MJ reform.
New York-based Cantor Fitzgerald and Cowen are among the more notable financial-services firms that have dropped coverage of U.S. plant-touching cannabis companies.
“It speaks to the unhealthy state of our industry,” Jesse Redmond, the managing director of the cannabis sector and head of research at Florida-based Water Tower Research, told MJBizDaily.
U.S. cannabis stocks have taken a beating in the past 18 months.
The AdvisorShares Pure US Cannabis ETF – which tracks major U.S. marijuana stocks under the symbol MSOS – has fallen to just over $5 from a high of more than $56 in February 2021.
In addition, cannabis companies are increasingly turning to debt financing rather than equity raises, which means there’s a smaller audience for research.
Low share prices and fewer mergers and acquisitions, initial public offerings and other types of banking activities mean there’s less revenue to fund research, Redmond said.
“Without that activity, there aren’t the revenues to justify paying the person to write the research,” he said.
The recent shake-up includes:
New York-based Cantor Fitzgerald, which has stopped covering all U.S. marijuana companies except for WM Technology, which operates the Weedmaps platform, after the departure of analyst Pablo Zuanic.
New York-based Cowen, which was recently acquired by Canada-based TD Bank, is no longer covering U.S. cannabis companies. But analyst Vivien Azer will include the industry’s larger trends as part of her beverages, tobacco and cannabis portfolio.
Jon DeCourcey, a former analyst covering the cannabis industry, is no longer with financial services firm BTIG, which specializes in investment banking, institutional trading and research. He is now head of investor relations at Florida-based multistate cannabis operator Ayr Wellness, according to DeCourcey’s LinkedIn profile.
Neither Cantor Fitzgerald, Cowen nor BTIG responded to requests for comment.
Many other financial-services firms are still providing coverage of U.S. plant-touching companies, such as Florida-based Water Tower Research, New York-based capital markets company Viridian Capital Advisors, Toronto-based Echelon Wealth Partners and Vancouver, British Columbia-based Canaccord Genuity.
Analysts have been ‘a little too optimistic’.
When Cowen became the first big financial-services firm to initiate coverage in 2019, investors said it lent legitimacy to the burgeoning industry.
Back in 2019, both operators and service providers were optimistic that federal legalization and/or the SAFE Banking Act would be passed in Congress.
Industry officials also were increasingly hopeful that big institutional investors would take an active interest in the U.S. cannabis industry – a move that could have provided key funding to companies.
But none of that has happened.
Instead, retail investors still make up the bulk of investment in U.S. cannabis, Water Tower’s Redmond said.
And retail investors can often access research only if they pay for it or are clients of the financial-services firm producing it.
That optimism might have also bled into analyst research.
“We’ve all been a little bit too optimistic,” Redmond said.
Between price targets and predicting the passage of SAFE Banking, many analysts through the second half of 2022 underestimated the impact of factors such as high interest rates, falling wholesale cannabis prices and high taxes.
“I think that even the ones that were doing the research and getting it out, maybe it wasn’t that helpful for people,” Redmond said.
Cannabis ‘not ready for prime time’
But the industry has other issues in addition to overly optimistic forecasting from analysts and slow movement on federal cannabis reform, Matt Karnes, founder of New York-based cannabis financial consultancy Greenwave Advisors and a former sell-side and buy-side analyst, told MJBizDaily.
Plenty of cannabis companies are still finding their footing, he said, pivoting out of oversaturated legal markets and looking for promising paths to profitability.
Another sign of the industry’s immaturity?
A disproportionate number of cannabis companies have restated their financial results, he said, showing that the industry is still mastering the accounting intricacies of the sector.
“You make your investment based on what comes out on a quarterly report,” Karnes said.
“And then two quarters later – oops! How is that supposed to give any investor confidence?”
With fewer analysts covering cannabis, Karnes said, it could contribute on a small level to the enormous difficulties U.S. plant-touching companies are having attracting investment in the industry.
But, he noted, there are still analysts covering U.S. plant-touching operators, such as Matt Bottomley at Canaccord Genuity and Andrew Semple at Echelon Wealth Partners.
“It’s a slight incremental negative,” he said of the impact on raising capital.
“But I don’t think the industry was necessarily ready for prime time.”
WILL BANKS KILL CANNABIS TO SAVE THEMSELVES? (CANNABIS RECESSION 2023)
CALEB MCMILLAN·MAY 22,
Will banks kill the cannabis industry to save themselves? Is this another sign of the cannabis recession in 2023?
Virtually no country is immune to the effects of the U.S. Federal Reserve. The American central bank secretly bailed out Canadian banks in the 2008-09 recession.
So it would be unwise to view Fed actions as having no bearing or consequence for the Canadian economy, including the cannabis industry.
In short, central banks may kill cannabis (and other private sector jobs) to bail out governments and save themselves.
BANKS KILL CANNABIS TO SAVE THEMSELVES
Banks Kill Cannabis Cannabis Recession 2023
$3 Trillion Destroyed isn’t Enough
At one point, the money printing had to stop. During covid, the meme “money printer go brrr” became popular. Before, only academics and Ron Paul fans spoke about central bank policy.
But printing money affects all of us—our basic freedoms. One side of every transaction is money. And it’s been nationalized by the state and disconnected from consumer demand.
The result? The rich get richer, while the poor get poorer. This is the core issue behind the cannabis recession.
But for whatever reason, to blame the Fed is to invoke “conspiracy theory.” But it is trendy and mainstream to argue vaguely about how “we” need to tax “the rich” or make them “pay their fair share” (as if none of that is already happening).
The fact is: an increase in the money supply has caused inflation. Not “corporate greed.”
Fortunately, the Fed stopped printing money in 2022. Even they realize you cannot inflate your way out of a crisis. It’s not the money itself that people need but the purchasing power.
If current trends continue, the Fed will have destroyed three trillion U.S. dollars by the end of the year. The idea is to create a “soft landing” for the economy.
In reality, the banks will kill cannabis and the private sector to save themselves and the government.
HOW NOT TO FIX AN ECONOMY
Biden shaking hands with the people he’s released from prison for pot
Curbing inflation may be painful, but reducing the money supply and aggregate demand (sum of all goods and services produced) is easy.
The Fed is following through with the first tenet. But government deficit spending remains untouched. And this comes at the expense of the cannabis industry and other private actors.
Consider: The government refuses to stop spending money while the Fed stops printing it and begins to raise interest rates.
Typically, with rising rates, a government budget (really, any budget) would reduce its expenses. But in the U.S., Joe Biden speculates using the 14th amendment to raise the debt ceiling.
In Canada, we have a finance minister who’s not trained in finance and a drama teacher prime minister who thinks you grow an economy by running up credit card debt.
(And Canadians must be listening; Canadian credit card debt is the highest level on record. Over one-third of Canadians said they couldn’t cover an unexpected $500 expense).
In essence, you don’t fix an economy by tasking the same people who broke it with fixing it. The only “solutions” we see from Washington or Ottawa are more of the same: increased government spending, bureaucracy, and higher taxes.
HOW BANKS WILL KILL CANNABIS TO SAVE THEMSELVES AND BAILOUT THE GOVERNMENT
This is how banks will kill cannabis to save themselves and bail out the government.
With rising interest rates, financing debt becomes costlier. Suppose governments don’t reduce their spending and impose higher taxes. In that case, there will be a crowding out of the remaining available credit.
Instead of credit going to cannabis businesses or other private sector actors, wasteful bureaucratic hands will get their hands on it first.
The crowding-out effect emphasizing government work over the private sector spells economic disaster. Only someone with a complete lack of understanding of economics sees “public sector” spending as beneficial for the private sector.
The reality is rising rates and increased government spending will crowd out private-sector investment and drive down real wages.
It’s as if the economy were a cruise ship. Perhaps the ship is stranded at sea without means of communication. There’s a finite amount of food on board. Everyone assumes the guests, particularly pregnant women and children, will be fed first.
Nope, the crew gets first dibs. And if there’s nothing left for the guests, then so be it. Although, in the magical fairy tale land of government reasoning, in this example, the crew eating all the food somehow produces more food.
Governments are parasites on productive economies. You could argue that it’s a good parasite. Like maggots. Maggots can clean wounds and prevent infection by consuming dead tissue and leaving healthy tissue untouched.
Maggots, leeches, and guinea worms are parasites that have had medicinal uses throughout history. Of course, we have better means of cleaning wounds in modern medicine than using maggots.
Likewise, we have better means of avoiding and resolving conflict, establishing the rule of law, and regulating an economy than through the parasitic state.
CANNABIS RECESSION 2023 UNAVOIDABLE
Banks Kill Cannabis
Banks will kill cannabis and other private sector goods and services to save themselves and bail out the government. It’s already happening.
Central banks everywhere exist to support the banking industry. They routinely ignore the signals from the real economy.
An actual “soft landing” would include governments cutting their budgets just like households. When you lose your job, you don’t run out and “stimulate” your household finances by running up the credit card.
Many economists have “physics envy.” They are crunching numbers and appearing to do something “scientific.” But their mathematical models of the economy neither describe nor predict the market economy.
None of these economists saw the 2008 crisis coming. They didn’t even anticipate the collapse of the Soviet Union.
But they’re confident that this time, their debunked methodology will work.
It won’t. Economics is not an esoteric discipline confined to a small group of academics. It is the logic of human action.
The money supply is collapsing, and credit is drying up. The way back to prosperity is by investing in private sector jobs, like the cannabis industry.
Instead, the U.S. and Canada are pursuing a policy of imposing higher taxes on families and businesses while continuing to crowd out private-sector investment with their record-level deficit spending.
This is how we will get a cannabis recession in 2023.
Fighting inflation without reducing government expenditures is like trying to get stoned by smoking CBD strains.
FOOTNOTE(S)
https://www.statcan.gc.ca/o1/en/plus/3222-traditional-credit-card-debt-hangover-following-holidays-or-something-more-ominous
https://mises.org/wire/money-supply-has-plummeted-biggest-drop-great-depression
https://mises.org/wire/crowding-out-fed-may-be-killing-private-sector-save-government
Stock market bunk weed LPs CEO are not paid enough, so they mess up.
Unable to get it together after many years of trying but…
Most of their bunk weed growing is either discarded for poor quality and misrepresentation.
Lol.
Since the Canadian government legalized adult-use marijuana in late 2018, cannabis product recalls have been issued 42 times.
Some of those recalls have addressed serious product defects, such as potential contamination or leaky packaging.
Most cannabis recalls, however, involved a far more mundane issue: 29 of them – or nearly 70% – were due to labeling problems, according to Health Canada’s recall database.
Four-and-a-half years after Canadian adult-use sales started, the persistence of cannabis recalls for incorrect labeling raises a question for the regulated cannabis industry: Why does this keep happening?
Recalls, even for minor issues, can damage the reputations of cannabis companies and the regulated industry as a whole.
At a time when the industry is already under scrutiny for reports of inflated THC claims, recalls for erroneous labels might matter more than ever.
Sherry Boodram, CEO and co-founder of Toronto-based CannDelta Consulting and a former senior inspector for Health Canada, told MJBizDaily, “At the end of the day, the quality assurance and control teams are overworked, which can unfortunately cause human errors.”
READ: cannabis crowd purchase canna from growers who actually use the stuff themselves.
LPs should have known better.
Suckers bought their bunk for 18$ per gram.
That lasted 2 weeks… All over the news… Huge line ups…
Suckers eventually got to know Legacy 1$/gram canna and switched to the good stuff en masse.
St-Louis showed us an Hexo bunk kilo saying ´´You are looking at 20,000$ with a straight face!
LPs know they are doomed. They will ride it to the ground, selling under cost.
They don’t care but. They are well paid.
Legalization is a scam instated to sell shares to suckers.
.@the_cra holds the future of Canada’s cannabis industry in its hands. Exercise of remedies against LP’s in arrears will cause a collapse. Industry has been pleading for years now. The current rate structure for flower ????IS????NOT????SUSTAINABLE
What are the three signs we’re living in the darkest timeline?
The “darkest timeline” is a common phrase heard among fans of the TV show Community. Although it’s been off the air since 2015, it’s amassed a cult following in these days of binge-watching and streaming.
The idea refers to the “many worlds” or “multiverse” theory of the universe. Where in the context of the show, a simple rolling of the dice creates six new timelines.
And one of these timelines is dark. People die, lose limbs, fires break out, and presumably, corporate-state elites use an escaped bioweapon to leverage more wealth and power.
Although it’s a fictional concept, the idea that we could be living in the “darkest timeline” is fascinating. You don’t need to persuade Americans and Canadians that this may be the darkest timeline.
Americans may be facing the same electoral choices in 2024 as in 2020. Canada has a dangerously unqualified and ideological prime minister.
But incompetent or corrupt leaders are nothing new. What are the three signs we’re living in the darkest timeline? It’s not the politicians who we expect to lie and cheat.
It’s the bureaucracy. That unelected, unaccountable administrative, legal regime. They’ve lost their common sense, risking our liberty and prosperity.
Here are three examples.
3. ALCOHOL AND CANNABIS ARE BAD. OPIOIDS ARE GOOD – ISN’T IT A SIGN OF DARKEST TIMELINE
Alcohol and Cannabis are Bad. Opioids are Good - Isn't it a Sign of Darkest timeline
The opioid crisis is one of the three signs we live in the darkest timeline. No city in North America seems immune to its effects. People are living on the streets, setting up tents in parks, and doing drugs openly. Violent crime has skyrocketed.
Not a problem, according to the far-left. The drug-addicted homeless need weaker drugs to help them get off the hard stuff. No need for rehab, either. We’ll do it right out there on the street.
We just need your money whether you consent to it or not.
If this sounds like questionable reasoning to you, join the club. Recently one of these B.C. activists tweeted about a friend who went to rehab. They returned to Vancouver – clean – and died of a fentanyl overdose within the week.
His death proves why “we” need a safe supply. But Vancouver already has a safe supply. Not to sound too insensitive, but why was this person taking fentanyl when there’s a plethora of weaker opioids available for free via the taxpayer?
Could a taxpayer-funded supply of hydromorphone be saving some lives? Sure, it’s entirely possible that “safe supply” is working for some exactly the way lofty sociology professors said it would.
But, like all government actions, there are unintended consequences. One of which is addicts collect hydromorphone pills and sell them for fentanyl.
At least three different journalists have come to this conclusion. The recent report by Global News shows that it’s not just a rare anecdotal occurrence, as the activists claim.
Given the mounting evidence, Canada’s Mental Health & Addictions Minister said she is “aware” that there is an “issue” but that the ends justify the means.
In other words: who cares if teens are taking hydromorphone (basically, the strength of heroin) because they think it’s safe? At least they’ve been warned about ‘copycat’ cannabis edibles!
WHAT ABOUT A SAFE SUPPLY OF CBD?
darkest timeline
One sign we’re living in the darkest timeline: every so-called “expert” on safe supply ignores the double-blind, randomized, placebo-controlled study showing how CBD reduces cravings for opioids.
If “safe supply” was genuinely safe and compassionate, they’d be handing out CBD capsules, not hydromorphone.
Instead, governments like to downplay the dangers of opioids and crank up the drug war on cannabis.
Nothing says we’re living in the darkest timeline like an out-of-control health bureaucracy freaking out about cannabis edibles but turning a blind eye to teens taking heroin-strength opioids.
We’ve demonstrated the public health crusade against cannabis ad nauseam. Whether it’s the economic illiterate calling for limits on THC or the busybodies making unsubstantiated claims about cannabis and mental health.
The messaging from the government is clear: they’d rather have you on opioids than cannabis.
When we exchange cannabis outside the legal regime, it’s “diversion,” and proceeds go to “organized crime.” When taxpayer-funded opioids are illegally distributed and sold, it’s “compassionate sharing.”
THERE IS NO SUCH THING AS A SAFE SUPPLY OF ALCOHOL
There is No Such Thing as a Safe Supply of Alcohol
Cannabis connoisseurs and alcohol enthusiasts tend not to overlap. Sometimes, one side even takes a negative view of the other. But as the saying in medical cannabis goes, “different strains for different pains,” so the same applies here.
If your idea of relaxing after work or on the weekend includes beer or vodka instead of cannabis, that’s fine. You do you.
Wait, my bad. “No amount of alcohol is safe to drink,” says the World Health Organization.
Since declaring the covid scam over, the WHO has moved its sights to alcohol. Just as they thought government policy could stop a flu virus, they believe they can ignore the history of alcohol prohibition.
And to their point, the darkest timeline would eliminate cash (see below). So if we’re in a world where all associations and exchanges are monitored and enforced by a smartphone and an algorithm, governments can limit how much alcohol (or cannabis) we can buy via technology.
I only bring it up because the WHO released a “guide for journalists” regarding alcohol. Never mind that a global bureaucracy shouldn’t be instructing journalists on how to report the news. This guide includes manipulated data, half-truths, and drug war propaganda the West hasn’t seen since the Temperance Movement.
With the WEF’s “young global leader,” Justin Trudeau, at the helm, Canada has already adopted the WHO’s alcohol guidelines. The Canadian Centre for Substance Use and Abuse (CSSA) released its report earlier this year that said if you have more than two drinks per week, you’ve got an alcohol problem.
This prompted the International Scientific Forum on Alcohol Research (ISFAR) to call Canada’s report “a pseudo-scientific amalgamation of selected studies of low scientific validity that fit their preconceived notions.”
NO FUN ALLOWED IN THE DARKEST TIMELINE
From promoting opioids as “safe” to demonizing a nontoxic natural medicinal herb to gaslighting millions of Canadians into thinking they’re alcoholics.
Public health has gone insane. It would not surprise me to learn that they’ve been consulting with PETA to craft nutritional guidelines regarding meat consumption.
This is one sure sign we’re in the darkest timeline.
2. WE ARE IN THE DARKEST TIMELINE – EXCISE TAXES & PARDONS HELP NO ONE IN TODAY’S TIME
We are in the Darkest Timeline - Excise Taxes & Pardons Help No One in Today's Time
Another sign we’re in the darkest timeline is Joe Biden. I suppose I should expand on that, but I think “Let’s Go, Brandon” pretty much sums it up.
We’ve covered how his federal cannabis pardons help no one. But that hasn’t stopped the senior citizen from repeating the lie. One wonders if the old man truly believes he set people free.
Of course, three years into the Biden presidency, Americans are no closer to cannabis legalization. They can’t even pass banking legislation, negatively affecting Canadian cannabis companies.
Considering that Donald Trump signed the 2018 Farm Bill that legalized all minor cannabinoids, including delta-8 THC, one could easily make the case Trump did more for cannabis legalization than Biden.
In fact, if 2024 is Biden vs. Trump again, and Trump wants to win, he needs to point to the billions spent in Ukraine and ask why the Democrats didn’t spend that domestically.
As well as legalize cannabis.
But don’t legalize the way the Canadians did. As reported by MjBizDaily, Canada’s taxman is getting aggressive with cannabis excise debts.
As we’ve reported, Canada’s cannabis excise tax was designed by morons. It’s systemically bankrupting all the small-to-medium producers. Even the larger ones are losing money. But they can at least weather the storm.
Only in the darkest timeline does Canada Revenue Agency collect so much in taxes that they bankrupt the business they’re taxing.
It takes a special kind of stupidity to work for the government.
1. BANKING. NOT JUST FOR CANNABIS. BANKING IN GENERAL IS NOT HELPFUL ANYMORE WHICH IS A SIGN FOR THE DARKEST TIMELINE
Banking. Not Just for Cannabis. Banking in General is Not Helpful Anymore which Confirms it's the Darkest Timeline
Of course, our banking sector is the most significant sign we’re living in the darkest timeline.
As mentioned, the banks treat cannabis and cannabis companies like a pariah. This means American cannabis companies can’t take advantage of tax deductions; they have limited access to services like loans, lines of credit, and payment processing.
All this adds up to increased costs and inefficiencies. Additionally, it also means most American cannabis companies are cash-based operations.
But hang tight, cannabis entrepreneurs! Help is on the way. Not in the sense of passing banking regulation, like U.S. politicians keep promising to do.
But the “other” kind of help. The kind Ronald Regan called the most terrifying words in the English language.
Cannabis companies are dealing with large amounts of cash. Locked out of the banking system? No problem, we’ll just move to a digital economy.
“THE BENEFITS OF A CASHLESS SOCIETY,” WRITES THE WORLD ECONOMIC FORUM.
“If the private and public sector can work together to harness the latest technology and realize the full potential of a cashless society, there will be enormous benefits,” states the article.
What kind of benefits? “If you visit China today,” says the WEF, “there’s a strong chance you’ll see people paying for things using facial recognition on their phones. This is a radical shift, but it’s just the beginning of the cash revolution.”
Scanning your face to buy cannabis. That’s the future the elites have for you. I don’t think I need to make a case that we’re in the darkest timeline.
The facts speak for themselves.
FOOTNOTE(S)
https://globalnews.ca/video/9696039/global-news-tests-claims-that-safe-supply-drugs-are-being-sold-and-traded-on-the-street-2
https://pubmed.ncbi.nlm.nih.gov/31109198/
https://nationalpost.com/news/pierre-poilievre-slams-safer-supply-activists
https://mjbizdaily.com/canadas-taxman-targets-cannabis-excise-debts/
https://financialpost.com/opinion/opinion-anti-alcohol-extremists-should-not-determine-alcohol-policy
https://www.who.int/europe/news/item/04-01-2023-no-level-of-alcohol-consumption-is-safe-for-our-health
https://www.weforum.org/agenda/2020/01/benefits-cashless-society-mobile-payments/
HEALTH CANADA has too much time on their refer madness agenda. No way to support legalization…
Party pooper: Private gathering draws Health Canada’s eye
B May 19, 2023
Unity Marguerite Whittaker smokes a joint in her home. Photo: Chung Chow
Unity Marguerite Whittaker owns Oceanside CWeed in Parksville, BC.
A private gathering held in her own home landed BC cannabis store owner Unity Marguerite Whittaker on Health Canada’s potentially naughty list.
The federal regulator sent an email to Whittaker investigating non-compliance over a gathering at her home in April.
She owns Oceanside CWeed in Parksville on Vancouver Island.
“To whom it may concern,” the email begins.
“It has come to the attention of Health Canada that an event named ‘Better Daze’ was scheduled to occur on April 16th, 2023, at an undisclosed location near Parksville, British Columbia.
The email then sought more details about the event, including whether there were games or guest appearances, info about draws, lotteries, giveaways, and/or prizes available, measures relating to age verifications and visibility of promotions, as well as a complete list of names of vendors and sponsors involved.
Highlighted in blue was: “Whether any cannabis products were available for purchase during the event, whether any samples of cannabis were present at the event, and whether any cannabis was consumed during the event.”
Answers to the questions were required within 10 business days.
The 1,550-word email goes on to outline a long list of prohibitions on marketing, events, and conduct.
Photo: Contributed
Laura was one of the guests who attended Better Daze at Unity Marguerite Whittaker's home.
‘Just seems ridiculous’
Whittaker says she sought to organize a private event in her own home where women could smoke cannabis with other women, and she adds she did her best to stay compliant with the federal Cannabis Act regulations.
Whittaker says she’s smoked weed for 30 years and always felt like there were noticeably few women among the crowd.
“We don’t talk about cannabis very much. Stigma is real,” she says.
“It gives women a feeling of comfort that there are other women like them; it feels really good to meet other women who smoke weed.”
After researching the regulations, she concluded the best way to host was an informal gathering in her own home. With this in mind, she bought a house on Vancouver Island that had a sunroom and a garage perfect for hanging out.
The private event in April was spread by word of mouth. (Cannabis companies are unable to promote on social media generally because of platform restrictions and regulations.)
A sign at Oceanside CWeed announces some of the upcoming events planned.
Get together was ‘super discreet’
Still, Health Canada contacted her afterward with a lot of questions that required her immediate attention.
“I just don’t understand,” she says. “The whole thing seems so ridiculous.”
Whittaker, who is active in the local chamber of commerce, says the ladies ate baked goods from Sweet Spot Bake Shop and they smoked cannabis from local grower BC Legacy. No cannabis was given away at the smoke session, she adds.
She calls the get together “super discreet.”
Yet not long after, Health Canada contacted her. She has since responded to their questions, and now she’s waiting to hear back from Health Canada.
Where did the tip come from?
Jaclynn Pehota, who’s executive director at the Retail Cannabis Council of BC, says Health Canada needs to get its priorities straight.
There’s a thriving unregulated market participating in marketing endeavours that are “shocking in terms of their blatant-ness,” she says, asking, “and this is the focus?”
“It is a bit of a bitter pill to swallow to have a retailer who is just trying to build community and educate people about a new legal adult-use substance while you have unregulated billboards left right and centre all over the place in BC,” she says.
“It concerns me that this is the focus of the regulator.”
Pehota says she finds the email from Health Canada “a bit concerning” for several reasons. She’s writing a letter in response, outlining her concerns and asking them to clarify what the standards are for licence holders and employees.
She wonders where the information came from in the first place, speculating an anonymous report or info provided by a Health Canada inspector.
“That would be appropriate for them to disclose, framing where this accusation is coming from,” she says.
Pehota adds there seems to be an assumption by Health Canada that something untoward was going on without an understanding of the location.
“It would be appropriate for Health Canada to offer their guidance on what their expectations are on that front. Is this the type of enforcement they are planning on undertaking regularly.”
“I don’t think it’s clear from a licence holder’s perspective.”
Home / All U.S.
Canada’s taxman getting more aggressive with cannabis excise debts
Bonno
18-05-2023
The Canadian federal government’s revenue service is ramping up pressure on cannabis producers with outstanding excise debt, adding more pressure on companies that already are struggling financially.
The Canada Revenue Agency (CRA) is said to be raising the possibility of garnishment, liens on plant property and equipment, and legal action.p
Excise payment debts have soared in recent years, as cannabis producers suffer from a combination of industry-wide overproduction, which is driving down prices, and high taxes at various levels of government.
Cannabis producers pay the excise duties, which are levied on a variety of products.
Roughly two-thirds of cannabis businesses regulated by the federal government had an excise deficit owed to the CRA as of September 2022 – the halfway point for the federal government’s fiscal year ended March 31, 2023.
In total, 172 licensed producers had a deficit totaling nearly 100 million Canadian dollars ($72.4 million).
In the 2021-22 financial year, various levels of the Canadian government collected CA$1.5 billion in cannabis taxes and profits out of the industry’s CA$4 billion in consumer sales.
The total duty assessed on cannabis producers by the CRA swelled to CA$752.5 million in 2021-22, up 46% from the previous fiscal year, when the federal government pulled in CA$514 million.
As tax bills go unpaid, the CRA is ramping up pressure.
One letter that the agency sent to a licensed producer used the subject line: “Legal warning about your cannabis duty debt.”
The revenue service warned the business: “If you do not pay the full amount or respond to this letter within 14 days, we may enforce Cannabis Duty provisions of the Excise Act, 2001 without further notice.”
The company requested anonymity, fearing that any publicity could jeopardize talks with the CRA.
The cannabis duty provisions of the Excise Act cited by the CRA are considered serious.
According to the law, “If a corporation fails to pay any duty or interest as and when required under this Act, the directors of the corporation at the time it was required to pay the duty or interest are jointly and severally or solidarily liable, together with the corporation, to pay the duty or interest and any interest that is payable on the duty or interest under this Act.”
Possible fallout
“As I understand, CRA have asserted their right to garnish government payables, impose liens on plant property and equipment, and pursue legal action to compel payment by court order,” Dan Sutton, CEO of British Columbia-based cannabis producer Tantalus Labs, told B via email.
“These sanctions have been described to several LPs, although it is unclear if any have actually been levied to this point.”
Another cannabis executive who requested anonymity warned that a more aggressive CRA could push companies into insolvency.
“It just depends on how aggressive the CRA is going to be,” the executive said.
“If they revoke (a company’s) CRA license, then they can’t sell goods into the consumer market. For those who are really behind, it could put them on the edge of CCAA (Companies’ Creditors Arrangement Act – Canada’s insolvency law).”
George Smitherman, CEO of the industry group Cannabis Council of Canada, said the CRA is getting more aggressive in various ways.
“I think it’s an offshoot of the issues management problem that the Trudeau government faces with an excise tax that’s ill conceived,” he said.
“In a certain sense, at all levels in Ottawa, they recognize the dilemma they have, which is that a very large proportion of (cannabis) CRA license holders can’t keep up with their bills.”
“While we hope that recognition (of the excise debt problem) is going to lead to real action to fix the excise, rather than just the words we’ve heard so far, in the meantime we are faced with the gnarly face of collections,” he said.
“No one is profitable.”
Difficult to make money selling under cost in any business.
Stock market weed is a bust.
Fact’s matters.
Home / Cultivation
Canadian cannabinoid firm MediPharm slashing 30% of workforce
Bonno
May 17, 2023
Barrie, Ontario-based cannabinoid company MediPharm Labs said it is cutting its workforce by approximately 30% .
The move came after the company reported negative first-quarter adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) of 3.1 million Canadian dollars ($2.3 million).
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In addition to MediPharm itself, the job cuts also cover Vivo Cannabis, a Toronto, Ontario-based cannabis producer MediPharm acquired in April.
A MediPharm spokesperson did not immediately reply to a query from MJBizDaily on the number of affected employees.
However, as of Dec. 31, 2022, MediPharm and Vivo collectively employed 285 people, according to regulatory filings, implying upwards of 85 people could be affected.
In a news release, MediPharm said the workforce reduction is expected to save over CA$4 million on an annualized basis.
In the first quarter ended March 31, the company’s first-quarter negative EBITDA of CA$3.1 million followed red ink totaling CA$5.7 million a year earlier.
MediPharm’s sales rose to CA$5.8 million, up 20% over the same quarter one year ago.
Most of MediPharm’s sales in the January-March quarter were in Canada.
By jurisdiction, the company’s revenue was:
CA$3.9 million in Canada.
CA$51,000 in Australia.
CA$1.2 million in Germany.
CA$575,000 in other, unspecified places.
MediPharm’s sales in the Canadian adult-use and wellness sector were C$3.5 million in the first quarter, up from CA$2.5 million in the same period last year.
International medical cannabis sales amounted to CA$1.8 million, up from CA$1.3 million in the first quarter last year.
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MediPharm’s three biggest expenses in the quarter were:
CA$3.1 million for inventory recognized in cost of sales.
CA$3.1 million for employee benefits.
CA$1.2 million for consulting and professional fees.
The Barrie company ended the quarter with CA$20.2 million of cash.
MediPharm shares trade as LABS on the Toronto Stock Exchange.
Another slow ??
Have mercy.
Curaleaf To Exit Most Operations In California, Oregon And Colorado Immediately
January 26, 2023
The man
The protracted bear market in the cannabis sector is beginning to impact tier one operations, with Curaleaf Holdings (CSE: CURA) this morning formally announcing its exit from three separate markets. The closures come as the company looks to cut costs in an industry where it is increasingly difficult to access cost effective capital.
As the firm works to “streamline its business,” Curaleaf will be “proactively” closing the majority of its operations across California, Oregon, and Colorado, with those closures set to begin this month. Closures are said to impact all production and cultivation operations in the three states.
It wasn’t immediately clear if the company would be disposing of its one retail location in Oregon or its two locations in Colorado.
READ: Curaleaf, Founders Funded By Russian Oligarch Roman Abramovich – Leaked Documents
In announcing the closures, the company referred to the “difficult operating environment in these investment states,” with the firm to instead focus its efforts on core markets going forward. The company also blamed the illicit markets, price compression, and legislative decisions in announcing its exit.
“We believe these states will represent opportunities in the future, but the current price compression caused by a lack of meaningful enforcement of the illicit market prevent us from generating an acceptable return on our investments,” commented CEO Matt Darin.
?? Reality check numero uno for Matt… enforcement does not work, never did, never will.
They grow and sell what customer want. So grow better weed and stop wining you fool.
Should do a canna research before going all in. Legacy rules. Suits don,t.
Closures are said to be “immediately accretive to its adjusted EBITDA margins,” while the company simultaneously stated it expects to generate free cash flow of $125 million in 2023, which the closures will assist in. The states on a combined basis were said to represent less than $50 million in revenue last year.
Payroll is said to have been reduced by 10% as a result of the closures, with expense savings across 2023, combined with other initiatives, expected to hit $60 million.
The company also said that it will be consolidating its cultivation operation in Massachusetts, where it will reduce its operation to a single facility. The Amesbury facility as a result is expected to be closed in the near term. Relatedly, the company is reportedly under investigation from Massachusetts state regulators in relation to hidden ties to Russian oligarch Roman Abramovich, among other issues.
Non-cash restructuring and impairment charge figures were not provided by the company, and are expected to be reported on the firms fourth quarter earnings call in March.
Curaleaf last traded at $4.85 on the CSE.
Curaleaf To Exit Most Operations In California, Oregon And Colorado Immediately January 26, 2023
I call it a bust!
B-15-05-2023
Cannabis stocks took a nosedive following the Senate’s hearing on the Secure and Fair Enforcement (SAFE) Banking Act last week, and while in some ways it’s to be expected – any federal cannabis legislative news sends stocks in one direction or another – I was scratching my head at the dramatic sell-off.
Were investors expecting a vote? Was it the mere presence of anti-cannabis warrior Kevin Sabet on the witness panel? Or perhaps it was the calls from senators for cannabis criminal record expungement to be attached to the bill?
At any rate, while SAFE is looking more likely to pass than previous attempts, according to my esteemed colleague Chris Roberts, anyone who has been following this knows not to hold their breath.
But at the same time, nothing surprising happened at the hearing and industry groups were largely happy to see bipartisan support for it.
There were predictable and fair calls for more reform, expungement and tweaks to the bill. There were important points made about the challenges of raising capital and banking for both workers and small business owners, particularly those of color.
And there were, of course, some light hysterics from the anti-cannabis camp. What else is new?
?? Canada's federal gouge of the cannabis industry increased 46% in 2021-22 over the previous fiscal year.
Of the $4 billion in retail sales, $752.5 million was taken by the taxman in excise taxes.
?? Canada's federal gouge of the cannabis industry increased 46% in 2021-22 over the previous fiscal year.
Of the $4 billion in retail sales, $752.5 million was taken by the taxman in excise taxes.
?? Canada's federal gouge of the cannabis industry increased 46% in 2021-22 over the previous fiscal year.
Of the $4 billion in retail sales, $752.5 million was taken by the taxman in excise taxes.
My story for @MJBizDaily: Canada government pulled in $1.5 billion in cannabis tax, profit in 2021-22
In Canada, no one makes more money in the cannabis biz than the government. #cannabisindustry #cdnpoli
Canna stigma is a function of ignorance.
NationalHealthcare
‘More acceptable now’: Medicinal cannabis use rising, passes 1 million patients
B-Down Under
May 15, 2023
Medicinal cannabis use is booming, with more than 1 million people prescribed the drug since it was legalised in 2016.
Last year, doctors prescribed the drug to 316,879 new patients, compared with 150,117 in 2021 and just 292 in 2018, according to the Therapeutic Goods Administration.
Aimee Sloan started on medicinal cannabis in November and her autistic son, Liam, is now taking the drug as well.CREDIT: JUSTIN MCMANUS
“It took a little while to gather speed, but the number of applications has increased exponentially,” said Llewellyn Mills, a senior research associate at the University of Sydney.
“It is more acceptable now to use medical cannabis on a societal level.”
Medicinal cannabis was made legal in 2016, but there is still limited evidence on its effectiveness. Most prescriptions are for the treatment of chronic pain, followed by anxiety, sleep disorders and cancer pain management.
TGA figures show there have been a total of 1.17 million Australian patients treated with the drug – through either authorised prescribers or a special access scheme – since it was legalised.
“It is an unusual drug, it has a cult-like reputation,” Mills said. “Evangelists for medical cannabis say it is a cure for everything; for others at the opposite end, it’s the devil.”
But acceptance is growing. Victoria, New South Wales and Queensland are reviewing drug-driving laws to treat medicinal cannabis like other prescription drugs. Specialist pharmacies have sprung up to dispense a variety of medicines derived from cannabis treatments that have two major ingredients: the compound CBD or THC, the psychoactive chemical that produces a “high” among recreational users.
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On Saturday morning, 10-year-old Liam Sloan was happily chatting as he played on his iPad.
His mother, Aimee Sloan, couldn’t be happier. She said this was one of the many benefits she had seen since her son, who has autism, began using medicinal cannabis in January.
Dr James Stewart is cannabinoid clinician and founder of Herbal Health Clinics.CREDIT: DARRIAN TRAYNOR
When The Sunday Age and The Sun-Herald visited Liam, who was non-verbal and rarely communicated his feelings, he greeted us with an enthusiastic, “Hi sister!”
“The words were always there, but he couldn’t get them out – and now he’s saying sentences,” Sloan said.
Sloan, who lives in Patterson Lakes in Melbourne’s south-east, began using CBD oil in November to help manage chronic pain from a motorbike accident. After an improvement with her own symptoms, she wondered if a prescription could help her son.
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While debate continues about the efficacy of medicinal cannabis for the treatment of autism, Sloan said her son’s communication had significantly improved over the past five months.
He greeted and farewelled people with “hello” and “goodbye” and also sang along to songs, she said.
“He’s a completely different child,” Sloan, 39, said.
“He’s always been a happy kid, he’s got a beautiful nature and [is] always smiling. I had his teachers telling me he was chattier and more engaged.”
GPs need to get each patient treatment approved through the TGA, but some have “authorised prescriber status” and don’t need approval for every patient. Statistics on medicinal cannabis use are collated in a number of ways.
An Australian Natural Therapeutics worker prunes cannabis seedlings.CREDIT: JANIE BARRETT
More than 85 per cent of GPs have patients asking about the drug, but only 52 per cent felt comfortable discussing it with patients and nearly 70 per cent felt they had inadequate knowledge, a survey published in the journal, BioMed Central Primary Care, in December found.
“There is a very good amount of support for medical cannabis but there is a lack of comfort in discussing medicinal cannabis with patients which seems to be the barrier,” said lead researcher Zeeta Bawa, of the Lambert Initiative for Cannabinoid Therapeutics and the University of Sydney.
Aimee Sloan spends about $250 a month on CBD oil for her son Liam, 10.CREDIT: JUSTIN MCMANUS
“There is an exponential rise in demand for it, but there is a lag in education for GPs. I do think GPs are being conservative about this but for good reason, the research for medicinal cannabis is up and coming and more needs to happen.”
Dr James Stewart, who founded the Herbal Health Clinics group and treats the Sloans, gave evidence last month at a federal parliamentary inquiry calling for medicinal cannabis to be considered for the treatment of brain trauma injuries in sport.
He told the Senate inquiry that another of his patients, former NRL star Andrew Johns, no longer suffered seizures from repetitive head injuries after taking medicinal cannabis.
“I am trying to get out there and de-stigmatise and train and teach those doctors [who] are on the fence about cannabis medicine,” Stewart said.
“I’m hoping what comes out of that is that we’ll get some funding to do a study next year, hopefully with the AFL and AFLW, NRL and NRLW around using cannabis, specifically mostly CBD products, to prevent the effects of concussion and also slow down and help with CTE [chronic traumatic encephalopathy].
“Concussion is huge and lives have been torn apart.
“There is fantastic evidence to say that cannabis can help. So what I’m trying to do is reduce the stigma and let people know that cannabis is a medicine.
“It’s not an illegal gateway drug. It’s not about smoking cones. It’s an oil and a medicine.”
Liam Sloan is under treatment for ADHD and epilepsy; one medication, Risperidone, made him gain 15 kilograms. Medical advice suggested another ADHD drug, Ritalin, could help curb the weight gain.
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Victorian Premier Daniel Andrews in Box Hill on Tuesday.
Legal Cannabis
Easing of rules around driving on medicinal cannabis a priority, Andrews says
“That’s when I put my foot down,” Sloan said. “Liam gaining that much weight was not good for his health.”
Stewart prescribed both Aimee and Liam Sloan with CBD oil. A 25-day refill for both costs about $500.
?? side note . Most sick folks purchase oil from online legacy players, paying 100$ instead of the 500$ “legit store”.
Getting double the mgs in the process. Cannabis/CBD oil has no business selling for 500$ for 2 dudes for a month.
The federal government does not subsidise medicinal cannabis therapies on the Pharmaceutical Benefits Scheme.
“It’s not cheap,” Sloan said. “It would be nice to see the government supporting medicinal cannabis more.”
She hopes CBD oil will become more accessible to other families with autistic children in the future.
“We didn’t know whether Liam was ever going to talk,” she said. “CBD oil has changed both of our lives and it should be easily available to other families.”
Mills said the commercial sector had entered the market with cannabis access clinics, which do the compliance paperwork on behalf of patients.
Chemist Warehouse has joined a medicinal cannabis joint venture between listed health and wellness company Wellnex Life and Melbourne’s OneLife Botanicals.
Andrew Forrest’s heath tech venture capital group, Tenmile – which is backed by his family company, Tattarang – has invested in medicinal cannabis drug developer Emyria.
“I am hoping it doesn’t go down the US model where it jumps from being illegal to being aggressively marketed for conditions for which it is not medically helpful,” Mills said.
“In the US, there is a lot de facto recreational use under the guise of medical use.
?? note: i think it is the other way around. Cannabis is all medical! Wether you’re aware of it, or not.
Rachel Payne was elected for the Legalise Cannabis Party in last year’s state election.CREDIT: JASON SOUTH
“There is no decent evidence that medical cannabis is effective in treating depression or anxiety.”
?? note: with due respect sir… watch dcd on you tube, or epileptic babies stopping seizures when dcd applies canna oil on
Toddler gum.
Mills said the medical system and more doctors needed to engage on the treatment.
?? note: like they use to before Aspirin came along… cannabis oil was in every good doctor’s ??
“Neither blanket acceptance nor blanket scepticism is helpful,” he said. “We need a scientific approach.”
?? note: go wild!
In 2016, Victoria was the first state to approve medicinal cannabis. Unlike in Tasmania, there is no exemption for unimpaired drivers.
Road-safety laws make it an offence to for drivers to have any presence of THC in their system, even if the effects of physical impairment have worn off and they have a prescription.
?? note: that doe’s not make sense.
A private member’s bill from MPs calling for medicinal cannabis to be treated like other prescription medications for drivers was introduced this year.
Victorian Legalise Cannabis MP Rachel Payne wants to provide a medical defence for users.
“To our surprise, it was so collegiate in the chamber, both sides of politics were very supportive,” she said.
“We are at that point the government do want to come to some sort of resolution, but it’s different to come to an outcome quickly as there are so many stakeholders involved.”
Like any bubble…
This is more than a bubble but.
It’s a Ponzi.
And be prepared to wait…
Until they burn all their money… waiting…
We will have to wait.
Great management team.
Happy loves these suits.
Dorothy is gone… Martha,s offering was a bust.
Next Stock market weed reports will be a dusy.
If and when of course…
The idea here is to gain time on canna naive investors.
Burning 5 billions selling cannabis… is quite a feast.
Home / Canada
Cannabis producer Canopy Growth to refile financial statements
B
May 16 - 2023
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Canadian cannabis producer Canopy Growth Corp. plans to refile some of its financial statements for the fiscal year ended March 31, 2022.
The Smiths Falls, Ontario, company is making the move after identifying “material misstatements” related to sales of its BioSteel business unit that were incorrectly accounted for.
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Canopy is among a number of cannabis companies that have restated financial results in recent years.
Canopy said it is “is unable to quantify the impact” of the pending corrections because the review is ongoing, according to the company’s recent disclosure with the U.S. Securities and Exchange Commission.
The company said it initiated the internal review, under the oversight of the Audit Committee, after identifying “certain trends” in the booking of BioSteel sales while preparing its financial statements for the fiscal year ended March 31, 2023.
Canopy booked 44.6 million Canadian dollars ($33 million) in BioSteel sales in the 2022 financial year, representing 8.6% of Canopy’s net sales that year.
BioSteel is a sports nutrition and hydration brand.
Canopy said the following reports should no longer be relied upon because of the material misstatements:
Audited financial statements for the fiscal year ended March 31, 2022.
Unaudited financial statements for the quarterly period ended June 30, 2022.
Unaudited financial statements for the quarterly period ended Sept. 30, 2022.
Unaudited financial statements for the quarterly period ended Dec. 31, 2022.
“The company has determined that it is appropriate to correct the misstatements by restating the Prior Financial Statements and plans to file the Restated Financial Statements as soon as practicable,” according to the SEC disclosure.
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Canopy said it is still working on the review and cannot predict when the assessment will be completed.
The company also said it does not expect to file its annual report for the fiscal year ended March 31, 2023, until the restated financial statements are completed.
Canopy shares trade as WEED on the Toronto Stock Exchange and CGC on the Nasdaq.